Business Insurance Queensland

Business insurance is a type of cover designed to protect businesses against certain unexpected events or circumstances which may pose a risk. There are many types of insurance available to businesses in Queensland, with each set of inclusions and exclusions subject to your insurer’s terms and conditions and qualification criteria. Some of the types of cover you can buy include:

Public liability insurance

Public liability insurance can cover your business if a member of the public is injured or their property is damaged as a result of your business activity, subject to the terms and qualification criteria set by your insurer. In terms of how much you may be able to claim, it depends on whether you choose a $5 million, $10 million or $20 million limit (higher limits may be negotiated with your insurer).

What it covers:

1. Third-party personal injury claims
2. Third-party property damage claims
3. The legal costs of defending yourself

Product liability insurance

Product liability insurance may be able to offer your business protection against claims a product you supplied, whether manufactured by you or imported and sold, caused harm to a third party or damaged their property. It may come with similar claim limits to public liability, potentially ranging from $5 million to $20 million.

What it covers:

1. Claims that a product you supplied caused sickness or injury
2. Third-party property damage claims
3. Legal fees to defend yourself against such claims

Professional indemnity insurance

Professional indemnity insurance can offer cover against claims the advice you gave or service you provided was negligent, sub-standard or caused loss or harm. It may also cover circumstances such as mistakes, incorrect diagnoses, miscalculations and breach of duty. Cover can start at $250,000 and may go up to $10 million (more may be available by individual negotiation).

What it covers:

1. Payment of compensation
2. Payment of damages
3. Legal defence costs
4. Cost of defending yourself during investigations

General business insurance

General business insurance is an insurance package which can offer coverage against other risks facing your physical business premises and assets. Because this is a package, you may also be able to bundle other policies such as public liability and professional indemnity together, with the level of cover dependent on the types of policy you buy.

What it covers:

1. Fires, storms, water damage
2. Explosions and impacts
3. Accidental damage
4. Theft following forceable entry into a locked building
5. Theft of equipment which is securely attached to a vehicle

There’s also a variety of other insurance types which may be included under your general policy, either for an added premium or automatically, including:

1. Commercial property insurance (which may offer a higher level of protection for your business premises)
2. Glass breakage (which is a common business insurance exclusion)
3. Business interruption (which can cover your bills if you have to close your business while recovering from an insured event)
4. Cyber liability insurance (which can protect you from many forms of cybercrime)
5. Tax audit (which can cover some of your costs if you’re subject to an ATO audit)
6. Management liability (which can offer cover to business owners and directors against claims of mismanagement)

Accident and sickness insurance

Accident and sickness insurance can cover self-employed individuals who are injured or suffer an illness which prevents them from working and earning a living. It can provide an ongoing benefit of up to 85% of your salary (subject to your insurer’s terms and conditions). A benefit period also applies, which may be one or two years, as does a waiting period, which may vary from seven to 28 days.

What it covers:

1. Loss of income as a result of illness
2. Loss of income as a result of an accident
3. Optional extras including death and disablement benefits